Single TRY Staking and New Lootbox-Opening System — All You Need to Know
We have exciting news to share with you! Later today we will be releasing our single TRY staking mechanism. We tried our best to release it on time and duly apologize for the delay. However, we are happy to finally be able to deliver this new feature to our Community. That’s not all though, on top of the new staking mechanism we will introduce a new lootbox-opening system in the future.
As the current price of an NFT lootbox is exceedingly low (2 $USD), most players can afford to purchase many boxes at a time. While we are glad players currently have this possibility, in the long-run this is liable to harm the TryHards ecosystem and therefore our players, as it dilutes the total circulation.
In order to counteract this, we have decided to launch a new lootbox-opening contract, which works differently than the one our players are used to. This blog post aims to clarify everything our players need to know about it, including how it works and the additional benefits it will grant the current and new players, and our lovely Community who have been with us since our INO.
What Changes Can You Expect?
Single TRY staking means exactly what it sounds like. Players can lock up their TRY for a period of time of their choice in order to gain an APY (15, 25 or 35%). In previous blogs we mentioned that we would introduce a new in-game currency, gTRY, which players could choose as a staking reward. This won’t be happening anymore: the only reward from single TRY staking will be TRY. This will be an attractive option for investors who are in for the long run, as well as for other large bag-holders.
To further incentive TRY staking, we have created a leaderboard system where players can track their progression. This will allow us to hold large events where players can compete for huge prizes such as:
- Players who have reached 300.000 staking points will be able to claim a Legendary Fanatic lootbox
- Every 7 months, the Top 10 stakers will receive awesome rewards
The New Lootbox-Opening Mechanism Explained
The new loot box-purchasing mechanism differs from the one in place until now, in several ways. Instead of purchasing lootboxes in a webshop-style setting, lootboxes will be sold through a weekly raffle system. The amount of available lootboxes will be capped, limiting the number of dropped boxes variable, depending on how many players signed up for the weekly raffle.
Signing Up for the Weekly Raffle
Players will be able to sign up to the raffle if they stake enough TRY for gTRY. The more gTRY players own, the more tickets they are eligible to purchase and therefore the higher their chances to be able to get the lootbox.
Raffle winners will automatically purchase and receive their lootbox for TRY, pegged to an specific amount of $USDC. Once the purchase operation has been completed and the player has received their lootbox, they will have three options: open the box, sell it on the Plaza, or keep it and sell it at a later time, when the demand and the price are higher. We will provide more information on the final details regarding the exact numbers.
Why the New System?
By introducing the new lootbox-opening system, we offer players a new way to earn $USD in TryHards, while managing the amount of NFTs circulating in the ecosystem. This will certainly add to the value of NFTs, both those currently circulating and newly minted. To further increase that value, we will soon be introducing an NFT-burning mechanism, which will allow players to burn their unwanted NFTs in exchange for crystals, which they can use to upgrade their better NFTs. This will in turn reduce the amount of NFTs in circulation and raise their overall floor price.
Economic Changes — A Quick Overview
In conclusion, the new system to acquire lootboxes will usher in several economic changes that will hopefully increase the value of TryHards NFTs and, in turn, that of $TRY. Firstly, the purchase of lootboxes in TRY will be removed. Instead, players will need to stake TRY and get gTRY for the raffle system in return. As for the raffle system, there will initially be two systems in place: the normal raffle and the super raffle. We will provide more information on that soon! Another change we will implement concerns the price of our NFT lootboxes. From now on, it will be pegged to xxx $USD, which players will have to pay in order to get the box. As mentioned above, unopened boxes can be sold for USDC to other players in the Plaza. Finally, it is worth noting that certain functionalities might see a small fee in $TRY implemented in the future (e.g. crafting crystals, upgrading NFTs, etc.). As for gTRY, it will be used for other activities besides enabling players to participate in the lootbox raffle.
Make Your Choice
It is up to the player to make a choice: either stake TRY and receive rewards in TRY, or receive rewards in gTRY in order to participate in the raffle. gTRY staking will not be live when single TRY staking comes out. Please stay tuned for further updates on that matter!
More Info Soon!
There it is, TryHards! We hope that this update provided enough information about the upcoming changes to the lootbox-purchasing system. If you have any further questions, you can ask them in our Discord channel and our admins will be happy to help! We continue to work to improve our dApp and our game in order to deliver the product that our amazing Community deserves. Expect more news soon!